France: Wendel won't reduce stakes in Saint-Gobain and Bureau Veritas

French investment group Wendel, whose net profit fell from €333.7 million (US$358.33 million) in 2013 to €19.7 million in 2014, aims to strengthen its position in the US. It has set a priority of investing in unlisted companies, and since 2013 Wendel has invested €1.5 billion in unlisted companies, with notably the recent purchase of Austrian group Constantia Flexibles. While the group has sold parts of its stakes in Bureau Veritas and Saint-Gobain, listed companies account for around 70% of its asse
April 2, 2015 Read time: 1 min

French investment group Wendel, whose net profit fell from €333.7 million (US$358.33 million) in 2013 to €19.7 million in 2014, aims to strengthen its position in the US.

It has set a priority of investing in unlisted companies, and since 2013 Wendel has invested €1.5 billion in unlisted companies, with notably the recent purchase of Austrian group Constantia Flexibles.

While the group has sold parts of its stakes in Bureau Veritas and 6013 Saint-Gobain, listed companies account for around 70% of its assets.

It notes that the refocusing on unlisted companies will not mean any further reduction of its stakes in Saint-Gobain or Bureau Veritas.

For more information on companies in this article

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Wendel to sell 5.3% of Saint-Gobain

Investment group Wendel is reported to be selling 30 million shares of French group Saint-Gobain, which represents 5.3% of the capital of the group.

Saint-Gobain will buy one-third of the stake, according to a press release.

The portion is worth around €1.2 billion at current share prices.

The operation will translate as an accounting loss of around €220 million in the 2016 accounts of Wendel, which is signing a new chapter in its consistent strategy of increasing its exposure to unlisted assets.

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